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CIID Design For Social Impact 1

BANKING FUTURES

CIID Design for Social Impact + GRID 29th July 2015

Lea Hildebrandt, Nicole Winans Leila Byron, Rosie Isbell

29th July 2015


In partnership with CIID + GRID


OUR MISSION

Teach sound financial practices through positive changes in

established daily behaviours, because women entrepreneurs

in Ecuador lack an effective, consistent way of managing

business finances.


01Help women to be more purposeful in their long-term saving and financial management.

02Close the intention to action gap by helping people put the four rules of thumb into daily practice.

03Be a simple, intuitive, personal and easy to use solution.

04 Be easily replicated to large amounts of people in a sustainable and cost effective way.

Our goals


OUR AUDIENCE

Women and men 30-50 years old, own business (shops/restaurants)

which is their primary source of income.

Smart savvy not formally educated. Some act as bank services that provide basic banking solutions on a paid

services. From 2 major cities in Ecuador;

Quito and Guayaquil.


Increase self-efficacy

Strong Intentions

Positive attitudes towards behavior

Desired behaviours of shop owners

Emphasize benefits of outcome

Externalise responsability

rejection to system

Account for NORMS

Behavioral Control

Avoid imposing goals/

procedures

CLOSING THE INENTION BEHAVIOUR GAP


THE BIG IDEA


The start kit is a set of tools that women can use in their

day-to-day lives to grow sound financial practices. The kit acts

as a visual stimulus and contains both analogue and digital tools

focused on helping women develop positive financial

behaviours.


01 How might we... create triggers in the womens day to day environment

that emphasis the benefits of financial management?

02How might we give

women confidence not to compromise existing

customers credit relationships and instead be more financially savvy?

03 How might we visualise

inventories to increase profit?

Action statements


CASH BOX


Cash box

Why?- Increase self-efficacy and

perceived control by:- Personalization/flexibility

cash box - Visual triggers for amount of

money in box in the mornings, saving & salary

- Reward-focused increases internal motivation

- Visual representation of balance (credits, losses, income, )

Steps met:- Separates business from

personal- Uses cash box with

compartments- Creates rule for how much

to start each day off with in cash box

- Credit rule- Rough overview of over/under- Replenish cash box daily- Pay Out Save 1 $ a day

What is it?A flexible cash-box system that visually helps women to break down their daily transactions and finances into daily, business and personal groupings. The 3 main compartments can be personalised to the individuals unique needs.

Low tech

High tech

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Prototyping

How to test it? A bank official is trained to interview the shop owners and observe the process of putting together the money box. She or he will go to the small shop twice: once to deliver the Start Kit and help with assembling the money box, once to assess the use of the money box.

Who? - At least 30 shop owners (per subsample)- 1 bank official per 30 shop owners

Materials: - Starter Kit incl. money box materials

(flexible but durable material that enables the shop owners to choose the size and number of the compartments)

- Notebook for the bank official with questionnaire and space to note down observations

Time: 6 weeks (if N = 30): 1 day for training bank officials, 2 weeks to visit 30 small shop owners, 2 weeks a month later for retest

Instructions (step by step The bank official would have to come to the shop to bring the Starter Kit. During this meeting- A baseline is established by asking

about and recording the current cash box system

- The shop owner makes their own money box and the result (labels and number of compartments) as well as any questions are recorded

A month later- The bank official comes back to the

store and asks about the use of and satisfaction with the new money box

- Depending on the sample size, it is possible to test the effectiveness of the separate aspects of the money box (i.e. separating personal from business, credit compartment, savings compartment) separately in subsamples.


1. Freda receives a kit with a flexible box system and info pack

2. Freda reads the start kit info pack which contains top tips from experts and people like Freda on how to best manage her daily finances.

3. Freda starts to build her personalised cash box in a way that will best fit her needs. Each box is colour coded and labelled with an icon.

4. Freda stays to collect daily transactions and places them into the relevant tray or compartment.

5. At the end of the day Freda allocates her takings into the personal and business compartments.

6. Freda is able to meet with other members of her community who share stories of whats working best for them.

Cash box: storyboard

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VIP TOKENS


VIP tokens

Why?- Account for cultural norms

(relationships are more valued than money, credits are common in Ecuador) by reducing the pressure to give credits; increase positive attitudes by reducing negative emotions (guilt for rejecting credits):

- Externalizing responsibility for rejection of credits to system

- Reinforcing positive relationship to customer by rewarding with status.

Steps met: Sell and Tally Establish credit

rule and stick to it

What is it?A set number of cards that each CNB can give to their customers. Trusted customers are given tokens which they can exchange for credits. A chart helps women log how much credit they have given to customers.

Low tech

High tech

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Prototyping

How to test it? Give the VIP coins and Trust Point chart to the CNB to use for a week- two week period.Interview the CNB after the week focusing on the following questions:1. How many VIP coins did you give out?2. Did any VIP pay back? If so what was the

timing on this payback?3. Did you find it hard to select who the VIP

would be?4. Did you find the physical coin helpful to

keep track of what credit was given out?

Who? CNBs (10 in each region)

Materials: Coin, Reward Card.

Time: 1 - 2 weeks

Instructions (step by step): 1. Select the amount of VIPs you want

to give credit to2. Write their name on the coin and

present this to them, explaining that they are the chosen VIP and are allowed to pay the next time using the coin.

3. When you receive a coin place this directly into the credit drawer you have created in your cash box. That way you have a visual prompt when you complete your closing procedures that you must ask for the credit to be paid out.

4. If a customer pays back within a certain time period (you will use the trust point tracker) they will gain trust points which means they either receive more credit (you decide) but also if they do not pay in a reasonable time frame you have the authority to take back the VIP card. That way you share the responsibility.


VIP tokens: storyboard

1. Lucia receives an information booklet and V.I.P tokens which explain how the system works.

2. Lucia starts to use the tokens in her store. She explains to her regular customer, Rita how the coins work. Rita can come back and use the VIP coin as payment.

3. When Rita next visits the store she uses her token as credit.

4. Lucia puts the token in her cash desk as a visual cue that reminds her of how much VIP credit she has given out.

5. Once Rita has paid on time, Lucia returns the VIP token to Rita and she can continue to pay on credit. If late or unpaid, VIP status is lost. This allows for both parties to share the responsibility of the credit.

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COLOUR INVENTORY


Colour inventory

What is it?A visual way to map out inventory and replenish only stock that has been sold through a colour coded system. Products that are in the red must be re-ordered by the vendor.

Low tech

High tech

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Why?- Increase self-efficacy by

ease of use:- Using really obvious visual cues

that are incorporated into their existing daily work flow

Steps met:- Map out inventory- Replace only stock

that was sold


Prototyping

How to test it? Complete initial inductions to materials and observations of people using the materials in store over a period of time.

Who? The inventory should be tested by the shopkeeper, and the process should be observed during a short visit by the bank.

Materials: Inventory kit including stickers, stock tracker chart, and shelf gradients.

Time: The shopkeeper should test the materials and process for a minimum of one week.

Instructions (step by step

1. Mark all products the with provided inventory stickers

2. Remove sticker from the item when it is sold

3. Place the sticker on the inventory tracking sheet

4. Place the sticker on the inventory tracking sheet


Colour inventory

1. Aina receives a start kit. It contains an info booklet, stickers and an overview chart.

2. Aina places restock cards on shelves as a visual reminder that an item needs to be replenished.

3. Aina places stickers on the top selling items that she stocks the store with.

4. Carlos enters the store to buy some coca-cola and chips. As Aina collects her money she also removes the sticker from the bottom of the items.

5. Aina updates her stock chart with a sticker. She can clearly see that she needs to re-order more items.

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TOTALISER


Totaliser

Why?Increase control/self-efficacy:- Defining saving subgoals and

monitoring progress, which makes it more concrete and

- Ease of use: low threshold to check balance, benefits > costs less overwhelming

Steps met: Steps 1 - 4

What is it?A USSD, session based application that helps women track stock and daily balance. Women can also set personal goals, be reminded to pay salary and receive motivational tips from other entrepreneurs. A smart-phone app could also include additional features like scanning items or social interactions with other entrepreneurs.

Low tech

High tech

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Totaliser

How to test it? Build a simple interface using and test with users to gather their feedback over time. Test by using and asking questions such as: - what are your ideas about using

this better- is SMS/USSD better for you?- what do you think would happen

in you press...

Journals and diarys could also be used to test over an extended period of time.

Who? CNBs (10 in each region)

Materials: Feature phone, screens

Time: 1 - 2 weeks

Instructions (step by step):

1. Assign bank agent2. Set-up to system3. Set personal goal, to establish

use of profit4. At the end of every day: Count stock sold and enter into system5. Receive a reminder6. Enter codes of items sold to establish

money( Smart phone app can be much more visual)


Totaliser

1. Assign bank agent

2. Set-up to system

3. Set personal goal, to establish use of profit

4. Count stock sold and enter into system

5. Receive a reminder

6. Enter codes of items sold to establish money

7. App is much more visual! Same system: Adding daily stock and saves. Establish your goal!

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START KIT: TRAINING


How might we train the staff on each rule of thumb to ensure the

practises are being utilized?


Manual Training

Low cost

High cost

Basic manual that is included in the kits. This will be self initiated and will require follow up to ensure that the training tools are effective.

Actions:- instruction manual - personalised goals

Follow up:- calender of

touchpoints, to ensure continuous use.

- self tracker


Example of info booklet


Community Training

Low cost

High cost

Creates a support system for the CNBs that will ensure a sharing platform for success stories and motivation best practices.

External partners, successful entrepreneurs from across Ecuador and the globe are also part of the network.

Actions:- assign women to a

community training group

Follow up:- organising monthly

meetings either by landline or in the community to promote entrepreneurial support.


Bank Rep

Low cost

High cost

Be assigned a bank representation that will be available for training on more hi-tech items. This will require hiring and paying additional people as well as training this rep on specific tasks. It will however allow CNBs to be constantly monitored and better understand ROI of the Start Kit.

Actions:- Initial face-to-face meeting for training of high tech items, then on a more weekly phone call.

Follow up:- Constant touchbases between rep and CNB, allowing relationships to form and constant top-up of training.


TAK!

CIID Design for Social Impact + GRID 29th July 2015

Lea Hildebrandt, Nicole Winans Leila Byron, Rosie Isbell

29th July 2015

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